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GBP/USD Holds Up; Below 1.6216 Needed to Suggest Big Reversal

GBP/USD Holds Up; Below 1.6216 Needed to Suggest Big Reversal

2014-01-08 21:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Holds Up; Below 1.6216 Needed to Suggest Big Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD made an outside day reversal on 1/2 after poking above 1.6600. Since 2011, the market has reverted to the mean early in the year.

-Bigger picture, GBPUSD has broken above the line that extends off of the 2009 and 2011 highs. A significant breakout is possible. Below 1.6216 is needed to negate bullish implications from this event.

Trading Bias: Flat

LEVELS: 1.6260 1.6315 1.6357 | 1.6473 1.6552 1.6602

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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